To cater for their highly-respected institutions and large international client bases, international financial centres (IFCs) are home to some of the most sophisticated legal, financial, and accounting professionals in the world.
A number of leading law firms, including several IFC Forum members, have specialised in offshore law and practice across a number of jurisdictions. Some of these firms have been dubbed the ‘offshore magic circle’ to reflect their sophistication and specialisation in commercial and corporate transactions.
Major accounting and auditing firms, including the Big Four, are also based in all large IFCs. Other firms have also become specialised in the accounting and audit requirements in IFCs for both corporate and individual clients. This also includes managing corporate structures and providing services to trusts and funds.
Many major banks have subsidies in IFCs to facilitate international transactions. Most of these banks up-stream deposits from their offshore branches and subsidiaries into their onshore banks; banks in Jersey alone facilitate £500 billion of up-streaming into the UK.
Professional corporate service providers are required by law to incorporate any company in all Crown Dependencies and Overseas Territories. These professionals manage the company’s registration and corporate filings throughout its lifetime and become skilled at understanding how it works: making them excellent partners for regulators to work with.